Title Minnesota Statutes, Minnesota Statutes

48A.05 NATIONAL ASSOCIATIONS; POWERS. The commissioner of commerce may authorize trust companies organized under the laws of this state to engage in trust activity in which banks exercising trust powers subject to the jurisdiction of the federal government may be authorized to en…

48A.06 PROHIBITED DEALINGS AND INDEBTEDNESS. (a) A trust company shall not engage in banking, mercantile, manufacturing, or other business, unless this business is expressly authorized in this chapter. (b) A trust company shall not lend its funds, money, capital, trust funds, or …

48A.07 TRUST COMPANY OR BANK; SPECIAL POWERS AND DUTIES AS FIDUCIARY. § Subdivision 1.Qualifying organizations. A trust company, or bank that holds a certificate as provided in section 48.37, may exercise the powers and privileges set forth in this section. § Subd. 2.Taking and h…

48A.08 INCIDENTAL INVESTMENTS, POWERS, AND LIMITATIONS. § Subdivision 1.Qualifying organization. A trust company, or a bank that holds a certificate as provided in section 48.37, may exercise the powers and privileges set forth in this section. § Subd. 2.Investment powers. (a) Th…

48A.09 DEFINITIONS. § Subdivision 1.Terms. For purposes of this section and section 48A.10, the terms defined in this section have the meanings given them. § Subd. 2.Affiliated bank. "Affiliated bank," with respect to another bank or a trust company, means a bank that is owned or…

48A.10 SUBSTITUTION; PROCEDURE. § Subdivision 1.Application. A bank or trust company may file an application with the district court in the county in which an affiliated bank or other bank or trust company for which it seeks to be substituted is located requesting that it be subs…

48A.11 NATIONAL BANKS AS FIDUCIARIES. A national bank in this state granted a special permit to act in a fiduciary capacity by either the Federal Reserve Board under subsection K of section 11 of the Federal Reserve Act, as amended by the act of September 26, 1918, or the Office …

48A.12 DEFINITIONS. § Subdivision 1.Terms. For purposes of sections 48A.12 to 48A.22, the following words and phrases have the meanings given them. § Subd. 2.Account. "Account" means the client relationship established with a trust company involving the transfer of funds or prope…

48A.13 STATE TRUST COMPANY PRINCIPAL OFFICE. § Subdivision 1.Requirement. A state trust company must have and continuously maintain a principal office in this state. § Subd. 2.Service of process. Each executive officer at the principal office is an agent of the state trust compan…

48A.14 STATE TRUST INSTITUTIONS; REPRESENTATIVE TRUST OFFICES. § Subdivision 1.Authority. (a) A state trust institution may establish or acquire and maintain representative trust offices anywhere in this state. A state trust institution may establish or acquire and maintain the o…

48A.15 STATE BANKS AND TRUST COMPANIES; TRUST SERVICE OFFICES. § Subdivision 1.Authorization. (a) A trust company organized under the laws of this state or a state bank and trust may, after completing the notification procedure required by this subdivision, establish and maintain…

48A.16 DETACHED FACILITIES. A state trust institution may establish or acquire and maintain detached facilities for the conduct of any or all of the activities permitted for a trust institution following the procedure and in compliance with sections 47.52 to 47.57. History: 1998 …

48A.17 AUTHORITY FOR OUT-OF-STATE TRUST OFFICES; PRIOR WRITTEN NOTICE. (a) A state trust institution may establish and maintain a new trust office or a representative trust office or acquire and maintain an office in a state other than this state. The state trust institution shal…

48A.18 OUT-OF-STATE TRUST INSTITUTION TRUST OFFICES. § Subdivision 1.Requirement. An out-of-state trust institution may act as a fiduciary in this state or engage in a trust business at an office in this state only if it maintains a trust office in this state as permitted by this…

48A.19 OUT-OF-STATE TRUST INSTITUTION REPRESENTATIVE TRUST OFFICES. § Subdivision 1.Authorization. (a) Subject to the requirements contained in this section, an out-of-state trust institution may establish and maintain representative trust offices anywhere in this state. (b) An o…

48A.20 SUPERVISION OF OUT-OF-STATE TRUST INSTITUTIONS. § Subdivision 1.Examinations. To the extent consistent with subdivision 3, the commissioner may make examinations of an office established and maintained in this state under this chapter by an out-of-state trust institution a…

48A.21 NOTICE OF SUBSEQUENT MERGER, CLOSING. Each out-of-state trust institution that maintains an office in this state according to section 48A.18, or the home state regulator of the trust institution, shall give at least 30 days prior written notice or, in the case of an emerge…

48A.22 ENFORCEMENT. § Subdivision 1.General authority of commissioner. (a) Consistent with hearing provisions of sections 46.23 to 46.33, if the commissioner finds that: (1) an office maintained by an out-of-state trust institution in this state is being operated in violation of …